Hi, it’s Stephen Hunt, the Managing Director of Hunt Hospitality International.
Today I’m going to talk to you about COVID Support. There’s a lot of different support provided by the government and government bodies out there that you should get in touch with.
The best way to find out what you’re entitled to in form of subsidies is through your governing bodies such as (for me) the advisory board of the AHA, Chamber of Commerce, and local councils.
There’s also many different industry associations out there as well that can offer you support. For instance, we applied for a grant from Aria to do with music to be played in our venues.
Now, we received a lot of support from Aria, and we’ve given many grants for many different venues so that we could we could have live entertainment.
Now, it’s really, really important for you to understand the major differences between stimulus between a subsidy and also a deferral.
1. A stimulus is something along the lines of a hardship grant, where you’re actually given the money as a business owner, and then you can spend that money back in the business. So it’s stimulates business.
2. A deferral is a payment in the future. So for those of you that are tenants, you can look at the commercial tenancy code. And there are deferrals that are given where some of your rent can be deferred for the future. Now, plug this back into your cash flow, as previously discussed, you will have to pay part or all of what is being deferred in the future. So it’s really important to remember that.
3. And then finally, there’s subsidy. This is what a lot of employers are getting from the government, such as Job Keeper. And it gets passed on to your employees. Say for instance, Job Keeper that’s actually passed on the needs of the employer and then fed through to my employees, that’s a subsidy. All three are really important and all three are great at keeping the economy going but you must know the difference between all of them.
If you have any further questions, please contact myself if you want on the email address given but also contact Fair Work, more importantly, your industry associations.
Thanks very much, and all the best! Cheers.